XML 75 R59.htm IDEA: XBRL DOCUMENT v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Income tax expense (benefit) on continuing operations consists of the following:

			Year Ended December 31,
			2023						2022						2021
			(In millions)
Current			$	241					$	331					$	656
Deferred			(49)						108						157
			$	192					$	439					$	813

Schedule of Components of Income Tax Expense (Benefit)

Total income tax expense was allocated as follows:

			Year Ended December 31,
			2023						2022						2021
			(In millions)
Net earnings from continuing operations			$	192					$	439					$	813
Other comprehensive earnings (loss):
Unrealized gain (loss) on investments and other financial instruments			275						(1,198)						(160)
Unrealized gain (loss) on foreign currency translation and cash flow hedging			2						(4)						—
Changes in current discount rate - future policy benefits			(50)						203						33
Changes in instrument - specific credit risk - market risk benefits			(9)						18						3
F&G 15% Distribution			(35)						9						—
Minimum pension liability adjustment			—						2						(2)
Total income tax expense (benefit) allocated to other comprehensive earnings			183						(970)						(126)
Total income tax expense (benefit)			$	375					$	(531)					$	687

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory rate to our effective tax rate is as follows:

			Year Ended December 31,
			2023						2022						2021
Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			2.4						2.0						1.4
Stock compensation			(0.2)						(0.1)						(0.2)
Tax credits			(1.8)						(0.7)						(0.2)
Valuation allowance for deferred tax assets			5.0						5.4						(0.4)
Benefit on Capital Loss Carryback			—						(1.3)						—
Officers Compensation			1.2						0.4						0.2
Non-deductible expenses and other, net			0.1						(1.3)						1.0
Effective tax rate			27.7		%				25.4		%				22.8		%

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities consist of the following:

			December 31,
			2023						2022
			(In millions)
Deferred Tax Assets:
Employee benefit accruals			$	116					$	104
Net operating loss carryforwards			84						38
Derivatives			—						67
Tax credits			119						74
Investment securities			686						952
Capital loss carryover			38						8
Life insurance and claim related adjustments			547						433
Funds held under reinsurance agreements			500						37
Market Risk Benefits			61						32
Bermuda corporate income tax net operating loss carryforward			24						—
Other			26						36
Total gross deferred tax asset			2,201						1,781
Less: valuation allowance			197						151
Total deferred tax asset			$	2,004					$	1,630
Deferred Tax Liabilities:
Title plant			$	(53)					$	(53)
Amortization of goodwill and intangible assets			(98)						(117)
Other			(8)						(2)
Depreciation			(29)						(32)
Partnerships			(152)						(122)
Value of business acquired			(304)						(339)
Deferred acquisition costs			(361)						(209)
Transition reserve on new reserve method			(17)						(25)
Funds held under reinsurance agreements			(621)						(187)
Title Insurance reserve discounting			(18)						(31)
Total deferred tax liability			$	(1,661)					$	(1,117)
Net deferred tax asset			$	343					$	513

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefits is as follows (in millions):

						Year ended December 31,
						2023						2022
Beginning balance						$	—					$	60
Additions based on positions taken in current year						—						1
Reductions related to IRS accepting refund, statute of limitation lapses and audit payments						—						(61)
Ending balance						$	—					$	—

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration